Preparing for Canadian Income Tax

Preparing to File Your Canada Personal Income Tax

This page shows you how to prepare for the annual filing your Canadian Income Tax returns. A Canadian CGA offers tips that will save you time and stress, whether you do your own return or hire an income tax professional to do the task for you.

Filing Taxes! What a Headache!

For many Canadians, getting ready to file our annual income tax returns is not a task we embrace warmly. Most of us have busy lives already. Taking the time and making the effort to sort through our papers and locate the receipts and forms that we need in order to to submit our taxes is a bother and a bore.

This article has a check list of items you need to collect and sort. Whether you are doing your taxes yourself or engaging the services of a tax professional, this list will help reduce the stress.

The information here is provided by Linh Tsiu, CGA.

The annual deadline for filing your Personal Income Tax in Canada is April 30.

Linh Tsiu, CGA

Tax Tips Courtesy of Linh Tsiu, CGA

The tips and information on this page is provided courtesy of Linh Tsiu, a Certified General Accountant living and working in Metro Vancouver. Linh has accumulated in excess of fifteen years experience as an accountant. She currently operates her own business, Caregiver Tax Services. Linh specializes in family tax benefits, including offering a nanny payroll service, but she also does tax preparation and accounting for individuals and for small to medium sized businesses. Her clients are located across Canada.

Linh believes strongly that no one should ever have to pay more income tax than the law requires. "My greatest rewards come from helping people save money on their taxes," she says.

tax tips canada

Organizing Your Papers for your Personal Income Tax Return

Collecting Your T Slips and More

Here the the items you will need to locate prior to preparing your Canada personal income tax form. If you are using the services of a tax professional, you will need to take these papers to that person.

1. Your T4 slips from employment

2. Your T slips from other sources, including pensions, RRSPs, charitable donations and more. All T forms, including T4s, should have arrived by the end of February.

3. Your Universal Child Care Benefit Statement -CR62, if applicable. If you have children under the age of six, you will have received a taxable amount of $100 per month, per child.

3. Child activity receipts, if applicable. The Canada Child Fitness Tax Credit allows you to claim $500 per year per child, for eligible activities. For more information about this allowable deduction, please refer to Linh's article: Understanding Canada Child Fitness Tax Credit.

5. If someone in your family has a documented disability, gather up all receipts for eligible expenses. Refer to the link list below for Canada Revenue Agency's information about eligible expenses.

6. Gather up any receipts for eligible medical expenses -- this can include prescription drugs, optometry, dental expenses and more.

7. Lastly, make a list of questions to ask your accountant when you go. This will ensure that you don't forget to ask about something that could save you money.

Links Related to Filing Your Tax Return

Line 215 – Disability supports deductionIf you have an impairment in physical or mental functions, these pages explain if your are eligible to claim the expenses you incurred to work, go to school, or do research

Canada Revenue AgencyThis page deals with information, services, and applications that help promote compliance with Canada's tax and regulations; including forms, publications, and guides.

If You Have a Home Business

You can claim business related expenses

If you have a home business, you may be able to claim additional expenses. Allowable expenses may include a portion of all of the following:

1. Your mortgage interest or your rent

2. A portion of your utility bills (hydro, gas, telephone, etc.)

3. Expenses related to maintaining a home office, such as purchasing office furniture, filing cabinets, etc.

4. A portion of your travel expenses or vehicle costs

5. Insurance

6. Property taxes

8 Business equipment, including computers, business phones and faxes, software, scanners, PDAs and more.

9. Other expenses related to your business

In preparation for tax time, collect all of your receipts and sort them. Avoid throwing everything into a box or envelope and presenting it to your accountant. You are paying by the hour, so its wise to do your own sorting.

Include a list of your tax and financial questions and take this list to the tax professional. For best results, keep a list of questions throughout the year as they arise and simply include this list in your package of information.

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